Are Bitcoin Cloud Mining Contracts Profitable?

The short answer is yes. In fact compared to savings accounts, mutual funds, and bonds one might go as far as to say they are wildly profitable. Also, at Genesis Mining the Bitcoin contracts are open-ended, meaning you get to keep them until they stop making money. Sounds fair to me!

Bitcoin Contract Features:

Open-Ended Contract

The Bitcoin contract as I stated before is open-ended in duration. In theory, you could make all of your money back in around 6-9 months then continue to get paid for the next 2 5 or even 10 years! The potential ROI over a lifetime contract is truly staggering to think about.

Daily Payouts

At Genesis Mining, their payout standard is daily, instead of weekly or monthly unlike some other less reputable services out there, so you never really worry about getting dividends on your investment.

Payment Reallocation Service

If you would rather get paid out in a different coin, Genesis offers reallocation service, essentially the just take your coin you mining and pay you in an alternative coin at no cost to you. When the fees for transferring Bitcoin were really high earlier this year, I switched the allocation of my contracts to payout in Litecoin instead of Bitcoin to circumvent the fees. It’s actually pretty nice to have that flexibility when you’re in a long-term investment.

No High Power Bills

With more traditional mining practices (GPU/CPU Mining) often you have to plan for hefty power bills, but since Genesis Mining is taking care of the whole process, you don’t have to budget to cover the cost. It’s like having a money printing machine that someone else maintains and gives you all the cash it makes. :p

Low Start-Up Cost

Building your own miner can be costly. Even with the most economic of setups you’d have to spend a minimum of $500 just to get started! However, at Genesis, their Bitcoin Hashpower starts as low as $30 and you start getting your coins immediately! I know several people that every time they get paid they just buy a 30 stack of hashpower.

It would be wise to verify the figures before investing as mining difficulty and price varies from time to time.

Calculator

The average electric cost in the USA is about 12 cents. Feel free to use all the other parameters aforementioned.

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OTHER ARTICLES OF INTEREST

Check out my articles on How To Get Started Investing In Crypto & The Crypto Toolkit they are both great resources for beginners.

Need a Wallet Check Out Ledger’s Hardware Wallet

How does 1% a day for 300 days sounds? Check out my article on Crypto Lending only if you like money that is.

Interested in mining crypto? Consider Genesis Mining they are my preferred mining company.
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